ISOM 210 Study Guide - Final Guide: Demand Forecasting, Cost Leadership, Enterprise Application Integration
Document Summary
Information - data converted into a meaningful and useful context. Knowledge - skills, experience, and expertise coupled with information and intelligence that (cid:272)(cid:396)eates a pe(cid:396)so(cid:374)"s i(cid:374)telle(cid:272)tual (cid:396)esources. Business intelligence - information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making. Business process a standardized set of activities that accomplish a specific task, such as a specific process. The six-step decision-making process: problem identification, data collection, solution generation, solution test, solution selection, solution implementation. Managerial decision-making challenges: analyze large amounts of information, apply sophisticated analysis techniques, make decisions quickly. Operational decision making - employees develop, control, and maintain core business activities required to run the day-to-day operations. Structured decisions - situations where established processes offer potential solutions. Managerial decision making employees evaluate company operations to identify, adapt to, and leverage change.
